Taken the plunge
Hi Group,
I'm happy to report I've taken the plunge in commercial real estate. I found 2 office condos that I plan to use as rental property, both have tenants.
I made an offer last month and it was accepted. I close in about 3 weeks. I need to start reconciling monies that have been flying around. I have quickbooks which I use for my main business, but was having a little trouble thinking through how I should be setting this up.
To give you an overview, I setup a new LLC that will own both properties. I also setup a new bank account for this LLC.
I would like to be able to track each property individually for reporting purposes. For example, I want to know how each on of my units is doing as an investment.
I was wondering if anyone can share an online guide or other information on setting up a chart of accounts that is suitable for landlords. In a way I need to track 3 entities.
Thanks.